The Securities and Exchange Commission filed a lawsuit Friday against Miami, Fla. and the city’s former budget director, charging them with securities fraud for making faulty disclosures in connection with three 2009 bond offerings totaling $153.5 million.

The suit, filed with the U.S. District Court for the Southern District of Florida, alleges that beginning in 2008, Miami and Michael Boudreaux made “materially false and misleading statements and omissions” about interfund transfers designed to cover up a growing general fund deficit and get more favorable bond ratings for offerings in May, July, and December 2009. They also included false and misleading information in the city’s fiscal year 2007 and 2008 comprehensive annual financial reports, the SEC lawsuit charges.

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